Mortgage Industry News
Rocket Mortgage Debuts Program Offering Closing Cost Credits to Renters
Homebuyers with a Rocket mortgage earn 10% back on the last 12 months of rental payments Continue Reading Rocket Mortgage Debuts Program Offering Closing Cost Credits to Renters
Mortgage Rates in Further Decline
The 30-year fixed-rate mortgage averaged 6.87% as of Feb. 13. Continue Reading Mortgage Rates in Further Decline
Report: Nearly One-Quarter of Black Mortgage Applicants are Rejected
Insufficient credit was the most common reason given (43%) for the application rejection Continue Reading Report: Nearly One-Quarter of Black Mortgage Applicants are Rejected
Mortgage Application Activity Declines Again
The Refinance Index decreased 14% from the previous week and was 12% higher than the same week one year ago. Continue Reading Mortgage Application Activity Declines Again
NAHB: Families Must Spend 38% of Their Income on Mortgage Payments
California’s San Jose-Sunnyvale-Santa Clara market was the most severely cost-burdened market during the first quarter. Continue Reading NAHB: Families Must Spend 38% of Their Income on Mortgage Payments
Mortgage rate locks tumble amid sharp rate rise
Source: Housing Wire --- Fewer buyers rushed to lock mortgages last month amid a rapid climb in long-term mortgage rates, reflecting home affordability concerns, reports from Mortgage Capital Trading and Black Knight showed. Total mortgage rate locks by dollar volume...
Locked Means Locked
What does locking a rate do for clients? It keeps these rates in check. Some lenders that I use even let me lock and shop. What does that do? It lets the borrowers lock a rate in a rate for up to 90 days and then continue to shop for their homes. Continue Reading Locked Means Locked
Why Some Rate Quotes Are So Different And Why “Points” Are On The Rise
Source: Mortgage News Daily --- It was yet another tough week for the mortgage market with rates rising to their highest levels since 2009, but how high have they actually risen? There’s a correct answer and then there’s the answer that can be gleaned from widespread...
Appraised Value vs. Market Value: They Are Not the Same!
By Dan Harkey Real Estate & Private Money Finance Consultant m: 949 533-8315 | e: [email protected] There are multiple methods for determining a property’s value, including market value and appraised value. There are also numerous definitions of value conclusions...
NAHB Announces Best of 55+ Builder of the Year and For-Sale Community of the Year
Source: NAHB --- As part of The Nationals awards program, NAHB named Traditions of America in Berwyn, Pa., the Builder of the Year and Trilogy® in Country Pointe Plainview Madison in Plainview, N.Y., the For-Sale Community. The awards were presented during the 2022...
Housing Market Update: More Sellers Drop Their Prices, But Buyers Find Little Relief
Source: Redfin --- The share of home sellers who dropped their asking price shot up to a six-month-high of 15% for the four weeks ending May 1, up from 9% a year earlier. The 5.9% increase is the largest annual gain on record in Redfin’s weekly housing data back...
How to take advantage of rising interest rates
Source: CNN --- In a bid to curb high inflation, the US Federal Reserve on Wednesday increased its key short-term interest rate by half a percentage point -- the first hike of that magnitude in 22 years. While the US economy is still operating in a fairly low rate...
More Americans than ever say it’s not a good time to buy a home
Source: CNBC --- It is not exactly surprising, given the stunning jumps in both home prices and mortgage rates, but Americans have never been more bearish on buying a house. Just 30% of adults surveyed by Gallup said now is a good time to buy a home, down 23...
U.S. Mortgage Industry Reacts to Federal Reserve’s FOMC Statement
Source: World Property Journal --- The Mortgage Bankers Association SVP and Chief Economist Mike Fratantoni issued the following comments in reaction to the Federal Reserve's recent FOMC statement on monetary policy and the economy: "There were two items to watch from...
Century 21 CEO warns US didn’t ‘build enough homes’ for this ‘pent-up’ demand
Source: Fox Business --- Even though mortgage rates are rising at their highest pace since 1994, Century 21 CEO Mike Miedler argued that’s not the biggest problem facing the real estate market on "Mornings with Maria" Thursday. "Honestly, we just have not built enough...
Recent Posts
Hits and Misses for the Real Estate Week of March 16-20- Virginia Home Sales Up 7.4% in February
- Judge Strikes Down FinCEN Rule Aimed at Money Laundering in Real Estate
- New Proposal to Keep the Bears in Chicago Features Renovated Soldier Field
- Survey: 3 in 5 Fear Loss of Jobs to AI Will Impact Housing Market
